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Alex Wheeler describes the main changes to be introduced by the corporate insolvency provisions of the Enterprise Act 2002 due to be implemented in September 2003
Administration procedures will be changed and streamlined in line with the removal of the right to appoint an administrative receiver in many cases. There will be various exemptions to the new regime under which it will still be possible to appoint an administrative receiver. The abolition of Crown preference is to be accompanied by the creation of a new dividend pool for unsecured creditors.
The Enterprise Act 2002 (the 'Act') received Royal Assent on 7 November 2002. It introduces a wide range of reforms to competition consumer affairs and corporate and personal insolvency law. This article summarises the key corporate insolvency...

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